Saving for College You want to create a college fund for a child who is now 5 years old. The fund should grow to $58,000
Posted: Fri Jul 01, 2022 7:48 am
Saving for College
You want to create a college fund for a child who is now 5 yearsold. The fund should grow to $58,000 in 13 years. If an investmentavailable to you will yield 4 percent per year, how much must youinvest in a lump sum now to realize the $58,000 when needed? Roundyour answer to nearest dollar. (Hint: Use Appendix A-2 orvisit the Garman/Forgue companion website.)Round Present Value of a Single Amount in intermediate calculationsto four decimal places.
$
You want to create a college fund for a child who is now 5 yearsold. The fund should grow to $58,000 in 13 years. If an investmentavailable to you will yield 4 percent per year, how much must youinvest in a lump sum now to realize the $58,000 when needed? Roundyour answer to nearest dollar. (Hint: Use Appendix A-2 orvisit the Garman/Forgue companion website.)Round Present Value of a Single Amount in intermediate calculationsto four decimal places.
$